LONDON (Reuters) - Coventry City were saved from going into administration on Friday after agreeing a last-gasp deal with a consortium who will take over the struggling Championship club.
Shortly before a 4:00 p.m. deadline for a deal to be completed, Coventry announced on their Web site (www.ccfc.co.uk) that SISU Capital, led by former professional footballer Ray Ranson, had made an offer for the club which had been accepted by the board.
Coventry, whose only major honour came in 1987 when they won the FA Cup, had faced entering administration with debts of 38 million pounds.
Under Football League rules, they would consequently have lost 10 points which would have sent them to the bottom of the table, level on points with Preston North End.
In a statement, the club said: “The successful conclusion of this transaction ensures that the club’s future is secure and the threat of administration is avoided.”
Retiring chairman Joe Elliott said: “This is a very exciting day in the long, proud history of Coventry City. I am sure Ray Ransom and SISU Capital will help drive Coventry City forward into a brand new era for the club.”
Coventry, who have struggled since relegation from the Premier League in 2001, are 12th in the Championship and had been actively seeking a buyer for months.
Reporting by Mike Collett; Editing by Clare Fallon